Caverton Offshore Support Group Plc (COSG) a leading provider of marine, aviation and logistics is the parent company of Caverton Helicopters Limited.
Pursuant to the provisions of the Rulebook of the Exchange, 2015, COSG wishes to comment on the recent detention of two Caverton Helicopters' pilots and the closure of its offices by the Rivers State Government.
On Monday 30th March 2020, His Excellency, President Muhammadu Buhari ordered a two week lockdown in Lagos, Ogun State and Abuja, in an effort to stem the tide of COVID-19. The lockdown order exempted upstream and downstream operations of the oil & gas industry.
On Tuesday, 7 April 2020, upon returning from an offshore flight, two of our pilots along with ten offshore workers were detained and charged to court by the Rivers State Government for an apparent breach of an executive order signed on Thursday 19th March, 2020 by Governor Wike baring vehicles and flights from entering Rivers State
Caverton never acted to undermine or override the Rivers State Governor's order nor breach the State's COVID-19 containment orders, it relied on the approval granted by the Ministry of Aviation through the Nigerian Civil Aviation Authority to provide logistics for the Oil and Gas industries.
On the 12th of April 2020 bail was granted to the Caverton pilots and passengers. Caverton continues to engage relevant state and federal authorities as well as our clients on the reopening of our premises shut down on the 9th of April, 2020. We are optimistic of a peaceful resolution of the misunderstanding on the restriction of movement.
Caverton remains committed to responsible business conduct which entails above all compliance with the laws of Rivers State and Federal Government of Nigeria.
Visit Caverton Offshore Support Group Plc IR Page in Proshare MARKETS
Graph - One Year Share Price Movement
Table: 2019 Unaudited Q3 Results